Brooklyn New Development Report

Chris Benfante Licensed Associate RE Broker The Benfante Team at The Corcoran Group, cbenfante@corcoran.com

Focus Areas

Bed-Stuy

Boerum Hill

Brooklyn Heights

Carroll Gardens

Clinton Hill

Cobble Hill

Crown Heights

DUMBO

Fort Greene

Gowanus

Navy Yard

Park Slope

Prospect Heights

Red Hook

Q4, 2014

Dear Fellow Ft. Greene Homeowners,

This is the first quarterly Brooklyn New Development Report my

team will be producing going forward. The purpose of these

Reports is to keep interested homeowners, or potential

homeowners, in the loop regarding projects in the pipeline in

areas considered “Prime Brooklyn.” Note that Williamsburg and

Greenpoint are not neighborhoods I focus on in the Reports. If

you are interested in these neighborhoods or those east of there,

let me know and we will provide that information to you

personally.

There are some interesting projects coming up; others, not so

much. I hope that you find the reports informative and

interesting. Whether or not you intend to move anytime soon, it

is always good to know what the competition looks like.

Check the link provided for periodic updates regarding

developments that are not yet public and for progress

reports/pricing for the projects included here. If you need more

specific information about any of these developments, or are

interested in viewing them, email me at

cbenfante@corcoran.com.

Here’s to a great winter!

Kind regards,

Chris

Chris Benfante

Fort Greene Homeowner and Resident

Licensed Associate RE Broker

The Benfante Team at The Corcoran Group

About Me

Top 1000 Sales Agents Nationwide; Top Selling Agent

in Fort Greene and Downtown Brooklyn, 2012-2014,

Attorney.

I believe that becoming a trusted advisor is my most

important role as an agent.

I have developed a large and loyal following of buyers

and sellers over the years by working diligently for

each of them whether they are new to the market or

seasoned investors. Sellers know that my marketing

savvy will bring them the highest possible reward for

their most valued asset. Buyers enjoy the freedom of

carrying on with their lives, confident that I am

searching within the confines of their search criteria

through every listing available until I find the perfect

property for them.

With degrees in journalism and law, and work

experience as a marketing analyst, a US District

Court Law Clerk and a transactional lawyer, my

unique combination of education and experience

affords me a well-respected ability to see a deal

through from marketing to negotiations to closing with

the greatest possible ease and most effective result.

I closed over $100 million in deals in the past year

from TriBeCa to the UES and from Harlem to the

Financial District. A Fort Greene, Brooklyn property

owner since 1999, I am a highly-respected expert in

the Brownstone Brooklyn Market as well.

I spend my spare time mentoring at-risk teens at

Green Chimneys. I travel whenever and wherever I

can, I love dogs, Italian shoes and fine wine. 3

Talk of the Town…

“According to a report released this week from the Downtown Brooklyn Partnership, there are 7,800 housing units in the development pipeline; the Partnership told NYP Home that 2,000 of them will be market-rate condos.”

Forget Rentals, Downtown Brooklyn Condos Booming, NY Post, July 16, 2014

“Over the last several years, glass-and-steel condominiums and rentals have sprouted along Williamsburg’s waterfront and in Downtown Brooklyn with myriad amenities. Mostly studios, one- and two-bedrooms, they are aimed at hip young singles. But as those hipsters mingled, married and multiplied, little was built to suit their needs.”

The Townhouse, Minus the Past, NY Times, August 1, 2014

“Third Quarter 2014 marks nine consecutive quarters of double-digit annual gains for new development average price per square foot. A six-year high figure of $960 per square foot was seen this quarter, up 20% from last year. Brooklyn is still experiencing a low number of new introductions, but strong demand continues to fuel high prices. Average price increased 15% year-over-year and exceeded $1MM for the second consecutive quarter.”

The Corcoran Report, Q2 2014, Brooklyn

Strong demand and limited supply fueled the fourteenth consecutive quarter of new development price growth. Median and average price was higher than a year ago, posting 9% and 15% annual gains, respectively. Average price was $960 per square foot for new developments – a six-year record high – up 20% year-over-year. This price growth is even more impressive due to the lack of transactions in Brooklyn’s high-end markets..”

The Corcoran Report, Q3,, 2014, Brooklyn

Condo Development

In the wake of the financial crisis, financing for new condo

developments became very difficult to obtain. Borrowing for rental development has been somewhat easier and the incentive to include affordable units has made rental projects more . Rental prices in Brooklyn have continued to climb to the point where they became virtually indistinguishable from much of Manhattan. Brooklyn – the borough, the brand, the adjective, the convenience – is now more desirable (and less affordable) than any other area of New York City.

Confronted with a lack of inventory and increased competition, buyer demand for condominiums and townhouses has created an environment to (very) successfully build new housing units in Brooklyn. From bespoke boutique townhouse projects to high quality large scale condos to affordable housing units, developers are scrambling to meet this unprecedented demand.

“More developers are also likely to consider building condos

again as land prices start to climb in Brooklyn and lenders

become more comfortable with the idea of for-sale product

outside Manhattan, experts said.”

Brooklyn’s Building Bonanza, The Real Deal, March, 2013

It’s time.

70 Henry Street • Proposed: Luxury Boutique Condos, to be determined

• Developer: JMH Development and Madison Estates

• Architect: Morris Adjmi

• Status: Planning

• Estimated opening date: TBD

Brooklyn Heights

The former home of Brooklyn Heights Cinema will become a group of condos. This architect designed the Townhouses of Cobble Hill, so he’s familiar with the landmarks approval process. No renderings as of yet. Stay tuned. “This project will work to both enhance the dynamic neighborhood with unique architecture, while filling the historic district’s inherent demand for new construction,” said a JMH Development exec in the release.

Development site before construction

88 Schermerhorn Street • Proposed: 20 story condominium building

• Developer: Second Development Services

• Architect: Unknown

• Status: Planning

• Estimated opening date: TBD

Downtown Brooklyn

From the developers of the 29 story Vos Hotel at 95 Rockwell Place, the wrecking ball is coming to this attractive circa-1900 walkup at 88 Schermerhorn Street in Downtown Brooklyn. The site’s zoning allows a building as large as 33,330 square feet, which works out to a sale price of $330 per buildable square foot, a record for the area, according to GlobeSt.com, which recently reviewed the sale. SDS told the publication they’re going to build a 20-story condo on the lot between Boerum Place and Court Street.. No renderings as of yet

Development site before construction, a four-story, eight-unit building

376 Franklin Avenue • Proposed:20 unit development

• Developer: Tomer Development

• Architect: Olabanji B Awosika

• Status: In construction

• Estimated opening date: TBD

Bedford Stuyvesant

Five or six stories have risen at 376 Franklin Avenue in Bed Stuy, where a six-story apartment building is replacing a decrepit wood frame between Quincy and Gates. The development will have 20 units spread across 14,241 square feet of residential space, as well as 10 underground parking spaces and 10 bike storage spots, as we reported in January. The developer is Tomer Development, and the architect of record is Olabanji B Awosika. No renderings yet.

Development site before construction

436 Albee Square • Proposed: 28 story building, mixed use.

• Developer: Albee Square Hotel LLC

• Architect: ODA Architects

• Status: In construction

• Estimated opening date: TBD

Downtown Brooklyn

436 Albee Square will be part of a growing cluster of towers rising downtown, sitting across the street from City Point, next door to a 65-story tower, and not far from the tower once planned to rise above Junior’s. As far as we know, the “Junior’s deal” is dead. We’ll see. ODA is the architecture firm behind several lower rise developments in Brooklyn that look like stacks of cubes. This tower is more sleek but still interesting with undulating balconies and screens that form a geometric design on the façade.

Glass Facade

1428-1430 Fulton Street • Proposed: 2 buildings, mixed use, 7 and 7 stories respectively.

• Developer: CS Real Estate

• Architect: Karl Fischer

• Status: Planning

• Estimated opening date: TBD

Bedford Stuyvesant

Prolific and controversial architect Karl Fischer is back. His newest project will consist of two six- and seven-story apartment buildings with ground floor retail. The seven-story development at 1428-1430 Fulton Street will have 74 units and 11,744 square feet of ground floor commercial space. On the second floor, there will be 1,137 square feet of indoor recreation space and a 4,400-square-foot outdoor terrace, per Schedule A filings. The property, pictured to the left, is currently home to a three-story building for “public assembly,” or banquet hall. The second, six-story building will rise on the other side of the block at 293 Herkimer Street. That building will include 10 units. Renderings forthcoming.

Development site before construction

76 Lefferts Place

• Proposed: 31 units across four buildings

• Developer: 76 Lefferts Place LLC

• Architect: Paul Davis

• Status: Sales underway

Clinton Hill

“Lefferts Place Mews, consisting of four adjacent newly construction multi-family townhouses, has launched with five active listings ranging from a 724-square-foot one-bedroom to a large duplex two-bedroom penthouse. The houses were designed to fit in with their older brownstone neighbors, with a design from Paul Davis.” -Curbed

Development site before construction Developer rendering

177 Montague Street • Proposed: 6 Story 13 unit luxury condos

• Developer: The Stahl Organization

• Architect: Barry Rice Architects

• Status: Under construction

• Estimated completion date: TBD

• Website: http://www.buzzbuzzhome.com/the-brooklyn-trust-company-building

Brooklyn Heights

“An expansive common

rooftop terrace offers space for

outdoor relaxing and

barbecuing. Twelve apartments

awash in natural light blend the

scale and comfort of a

Manhattan loft with the

intimacy of a townhouse. In the

Heights, where context and

community are inextricably

intertwined, the Brooklyn Trust

Company Building is a

landmark in every sense.”

-The Stahl Organization

Developer rendering Current Site

140 Schermerhorn Street

• Proposed: 19 stories, 140 units. It appears as though this will be a mixed-use building with a hotel and condos.

• Developer: The Carlyle Group and Flank Development • Architect: Goldstein Hill & West • Status: In construction • Estimated completion date: TBD, 2016

“According to [plans], the

19-story, 140-unit building

will total 406,628 square

feet — larger than

originally expected — with

99,245 square feet of

commercial, 213,181 of

residential, and 94,202 of

community facility. The

plans were approved this

February. The project is

anticipated to be

completed in Spring of

2016, according to on-site

signage.”- Curbed

Current Site Developer rendering

Downtown Brooklyn

1 John Street

• Proposed: 12 Story, 42 unit condo building

• Developer: Alloy Development and Monadnock Development

• Architect: Alloy Development

• Status: Sales underway

• Estimated completion date: Late 2015

• Website: http://onejohnst.com/

Luxury condos from

the developers of the

DUMBO townhouses.

Alloy Development is a

firm run by architects,

intended to emphasize

design more than

other firms.

As of August, 2014,

it became open for

sales, although

construction has not

completed.

DUMBO

Developer rendering

345 Carroll Street • Proposed: 5 Story, 32 unit, full service condo building

• Developer: Sterling Equities

• Architect: GLUCK+

• Status: Sales Underway

• Estimated opening date: TBD

• Website: http://www.345carroll.com/

Gowanus

“There are four-bedroom apartments, and we have a range of two and three-bedroom units as well. I’d say it’s a fairly luxurious – actually, very luxurious. There are penthouses that have outside space, and then the lower units have a sunken green space available, as well. Lots of amenities as they say.”- Peter Gluck, Architect

Bluestone and Glass Facade

Development site before construction

550 Vanderbilt Avenue • Proposed: 275 market-rate condos in “Pacific Park” (formerly branded as the

“Atlantic Yards”

• Developer: Greenland/Forest City Partners

• Architect: COOKFOX

• Status: Planned, Construction not yet begun

• Estimated completion date: 2016, TBD

• Website: http://therealdeal.com/blog/2014/08/04/atlantic-yards-rechristened-as-pacific-park/

Prospect Heights

The long anticipated

residential component to

the Atlantic Yards

development, which

included the Barclay’s

Center, now being re-

branded as “Pacific Park.”

Part of a development mix

that includes many

affordable units.

Developer rendering

Townhouse Development

Brooklyn and townhouse are two words that have gone

hand in hand for well over a century. Neighborhoods from Cobble Hill to Fort Greene have often been described as being in “Brownstone Brooklyn,” and the townhouses that give these neighborhoods their name are highly prized. It is no surprise then that developers are choosing to build townhouses again, after many decades of inactivity.

Many would-be condo buyers, or people who bought in the past and now seek more space, are looking to the townhouse market as an option - they provide more space, an aesthetic alternative, and in the case of the new developments, a turn-key purchase. And, in many cases, these townhouses are priced less per square foot than even the smallest condos on the market.

“In response to surging demand for larger spaces, developers

in Brooklyn are going back to the classic townhouse, but

building new variations with contemporary families in mind.”

The Townhouse, Minus the Past, The New York Times,

August 1, 2014

Demand and Supply

321-325 Pacific Street • Proposed: Four 1-2 Family Attached townhouses

• Developer: Bluerock Real Estate

• Architect: Gary Kleisch

• Status: In construction

• Estimated completion date: September 2015

Boerum Hill

"They're mostly brick, but there will be some brownstone. We're trying to develop an architectural vocabulary from the neighborhood; a couple of them will look like carriage houses, and the one without a garage will refer more to the brownstone character."- Bluerock Real Estate Spokesperson

Developer rendering

Development site before construction

345-353 State Street • Proposed: Neo-Georgian townhouses, “Seven at Boerum”

• Developer: State Renaissance Townhomes II

• Architect: Steven F. Levine and Robert Scarano

• Status: In construction

• Estimated completion date: Fall 2014

• Website: sevenatboerum.com

Boerum Hill

Developer rendering Development site during construction

To be completed in the Fall

of 2014, four of these neo-

Georgian townhouses will

be 2-family residences, and

the remaining 3 will be

single family homes.

The initial filings and

renderings were for 6

townhouses in a modern

style, emulating the 9

Townhouse development on

State Street.

73-79 Bond Street • Proposed: 5 single-family houses, each with a one-car garage

• Developer: Adam America Real Estate

• Architect: Ben Hansen

• Status: Construction not yet started

• Estimated completion date: TBD

Boerum Hill

“The exact square footages of the townhouses were not broken down individually, but the entire area of the five-unit development will be just under the total allowed 12,000 square feet. Individual homes, though, will reach sizes of up to 5,600 square feet, which includes the garages and uninhabitable – at least, theoretically – basement and mechanical space that doesn’t count towards zoning. The homes will each be four stories, reaching 55 feet into the air, hinting at very high ceilings.” NY Yimby

Aerial view of development site

Development site before construction

295 Hicks Street • Proposed: 3 four story, 1-2 Family Townhouses

• Developer: SDS Procida

• Architect: Nikolai Katz

• Marketing: TBD

• Status: Awaiting DOB Approval

• Estimated Completion Date: TBD

Brooklyn Heights

“A parking lot in the Brooklyn Heights historic district will soon host three four-story townhouses designed by Nikolai Katz Architect. Plans were with the Department of Buildings at the beginning of February, and the project needs Landmarks approval before work can begin. The developer is SDS Procida, who also did On Prospect Park.”- Curbed

Aerial view Development site before construction

Brooklyn Law Portfolio • Proposed: three five-story luxury personal residences at 100 Pierrepont Street, 27

Monroe Place and 38 Monroe Place

• Developer: Kushner Companies

• Architect: TBD

• Status: Not yet started

• Estimated completion date: TBD

• Website: http://therealdeal.com/blog/2014/04/08/kushner-to-convert-brooklyn-law-buildings-to-single-family-mansions-source/

Brooklyn Heights

Kushner Companies recently

acquired several buildings

from Brooklyn Law. In

addition to the former

Brooklyn Law dormitories

that the Kushner Companies

has recently turned into

rentals, they will be

developing a trio of very

large, luxury, single family

homes in Brooklyn Heights.

Development sites

449-453 Degraw Street

• Proposed: 4 Attached Luxury Townhouses, branded “4 on Degraw”

• Developer: H Holding Group

• Architect: Gerald Caliendo

• Marketing: The Corcoran Group

• Status: In Construction

• Estimated Completion: Fall 2014

Gowanus

“Developer H Holding Group is

currently constructing four new

brick houses on Degraw

Street. Corcoran's marketing

site says they'll be available in

fall 2014. The four-story

houses will measure 3,800-

square-feet each, and they will

feature three-bedrooms, a

fireplace, and backyard.”-

Curbed

Developer rendering

Development site before construction

The Navy Green Townhomes

• Proposed: Twenty three 1-2 Family townhouses

• Developer: L+M and Dunn Development

• Architect: Curtis and Ginsberg Architects

• Status: In construction

• Estimated completion date: TBD

The Navy Yard

The developers behind Navy Green have re-filed [building permits] for the first of 23 market-rate townhouses in the affordable Fort Greene development, which already includes two mixed-income rental buildings and a third for supportive housing. L+M Development and Dunn Development will build the three-story single-family homes on a large vacant lot at 24 Vanderbilt Avenue, half a block from the Navy Yard.

Aerial view Development site before construction

30 Underhill Avenue

• Proposed: 8 single family townhouses

• Developer: Hello Living

• Architect: Willy Zambrano

• Status: Filing permits

• Estimated Completion: TBD

Prospect Heights

“The townhouses will feature large private terraces with outdoor kitchens, according to Brownstoner, as well as underground parking and highly insulated triple-paned glass windows.”- Curbed

Developer rendering

Development site before construction

Chris Benfante Licensed Associate RE Broker The Benfante Team at The Corcoran Group, cbenfante@corcoran.com

Real estate agents affiliated with The Corcoran Group are independent contractor sales associates and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.